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Philippines: Japan, China firms eager to enter Phl
MANILA, Philippines – Japanese and Chinese companies are looking at investing and partnering with Philippine firms amid the bright prospects brought about by the sustained growth in the economy.
Security Bank Corp. president and CEO Alfonso Salcedo Jr. said it has partnered with Japan’s Mitsubishi UFJ Finance Group Inc. (MUFG) to arrange close to 200 meetings between the banks’ Japanese, Philippine and Southeast Asian corporate clients during yesterday’s Business Matching Fair.
“Our partnership with MUFG helps facilitate cooperation and provides access to the global marketplace for our clients; our combined strengths now serve as an avenue for Japanese and Filipino businesses to meet and discuss how to further develop opportunities will help our economies,” Salcedo said.
Salcedo said the fair is one of the major efforts that Security Bank and MUFG have embarked on this year after both groups entered into a strategic partnership last year.
The Bank of Tokyo – Mitsubishi UFJ Ltd. (BTMU) infused P37 billion in fresh equity last April in exchange for a 20 percent stake, making it the second largest shareholders in Security Bank after the family of businessman Frederick Dy.
Eduardo Olbes, executive vice president and head of the wholesale banking segment of Security Bank, said the one-day fair saw clients from various sectors including FMCG products (distribution and manufacturing), healthcare and medical equipment, real estate development, agriculture and seafood products, among others.
“The aim is to match make Japanese corporates to companies in the Philippines to foster cross-border business collaboration,” he said.
For his part, MUFG’s Manila Branch general manager Tadahiro Miyamoto said the Philippine market is very important to the group and its strategic alliance with Security Bank helps MUFG to better reach out to local corporates and support Japanese investment within the Philippines.
“By jointly hosting this first-ever networking session, we hope to foster new relationships and contribute to greater business collaboration between companies from both countries,” he said.
The business matching sessions ended with a cocktail reception attended by Trade Secretary Ramon Lopez, Philippine Economic Zone Authority director general Charito Plaza, and Minister for Economic Affairs of the Embassy of Japan Makoto Iyori.
On the other hand, Bank of China Ltd is set to host a series of Global small and medium-sized enterprises (SME) Cross-Border Trade and Investment conferences starting next month to help small companies tap into international business opportunities.
“Bank of China envisions a world that builds mutually beneficial relationships that meet the interest of all. Stronger trade and investment will instill vigor and vitality across the Belt and Road, bringing cooperation among Asian, European, and African countries to new heights and new forms,” Bank of China Manila Branch country manager Deng Jun said.
Source: http://www.philstar.com/business/2017/02/23/1674758/japan-china-firms-eager-enter-phl